Emergency Medical Equipment Market is Projected to Witness High Growth owing to Increasing Demand for Advanced Life Support Devices
Emergency medical equipment includes a variety of essential medical tools and devices used in emergency medicine and when transporting critically ill patients. This includes stretchers, wheelchairs, respiratory devices, patient monitors, defibrillators, and other life support devices to treat conditions such as cardiac arrest and respiratory distress. The rising cases of trauma injury, cardiovascular disease, and the increasing focus on providing advanced care to critically ill patients during transportation are fueling the demand for advanced emergency medical equipment.
The global Emergency Medical Equipment Market is estimated to be valued at US$ 25.32 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The increasing demand for advanced life support devices represents a major opportunity in the emergency medical equipment market. With technological advancements, manufacturers are developing miniature portable devices that can monitor vitals and provide therapeutic solutions during transit. For instance, portable ventilators, defibrillators, patient monitoring systems, and infusion devices are highly sought after as they facilitate mobility during emergency response and transportation. Moreover, rising healthcare spending on ambulance services is also driving the demand for technologically advanced emergency medical devices equipped in ambulances. This growing focus on strengthening pre-hospital care through deployment of advanced medical devices is expected to significantly aid the market growth over the forecast period.
Porter's Analysis
Threat of new entrants: Emergency medical equipment market size requires high capital investments and manufacturing facilities and stringent regulations makes the entry difficult for new players.
Bargaining power of buyers: Buyers have moderate bargaining power as there exist multiple players in the market providing substitutes.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to their specialized expertise and technologies required.
Threat of new substitutes: Threat of substitutes is low as there are limited substitutes for emergency medical equipment.
Competitive rivalry: Intense competition exists among existing players to gain higher market share.
SWOT Analysis
Strength: Wide product portfolio and extensive distribution network of major players. Innovations in medical technology increases efficiency.
Weakness: High R&D and manufacturing costs. Stringent regulatory approval process increases compliance time.
Opportunity: Growth in aging population increases demand for emergency care. Untapped growth opportunities in developing regions.
Threats: Price pressures from rising healthcare costs and regulatory challenges over new product approval.
Key Takeaways
The global emergency medical equipment market is expected to witness high growth over the forecast period owing to increasing incidences of trauma injuries and road accidents.
Regional analysis of fastest growing and dominating region- The Asia Pacific emergency medical equipment market is expected to grow at the highest CAGR during the forecast period. This is attributed to factors such as increasing healthcare spending, large patient population, and improving medical infrastructures in countries like China and India. North America currently dominates the market led by developed healthcare sector and presence of leading market players in the US.
Key players operating in the emergency medical equipment market are 3M, Abbott, Asahi Kasei Corporation, B. Braun Medical, BD, Cardinal Health, GE Healthcare, Henry Schein, Johnson & Johnson, Philips Healthcare, Smith & Nephew, and Stryker Corporation. These players are focused on developing innovative products through R&D and adopting business strategies like mergers, acquisitions and partnerships to strengthen their presence in the market.
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